New Year’s Resolution: Have A Heart to Heart with Your Business

A new year is a fresh start. Often, we can’t wait to shut the door on the previous year and dive into the possibilities a new year brings.

However, every entrepreneur should adequately document their business operations before turning the page.

To make this easy, below is a checklist all entrepreneurs should go through in January.

• Create an internal end-of-the-year report – List five accomplishments or lessons from the previous year. Did you hit any major milestones? Jot down what comes to mind. Decide if the content would make a good blog or social media post.
• Reconcile accounts receivable – Are you still waiting on payments from customers or buyers? Now is an excellent opportunity to check-in and get earned cash in the bank.
• Organize tax documents – Consult with an accountant or a credible tax professional on the forms your business needs to complete. List the documents you need to submit and make a note of filing deadlines (business/corporate tax filing dates may differ from personal deadlines).
• Update your numbers – Have a pitch deck, business plan, one-pager, or anything that promotes your business? If so, make sure they reflect the most recent numbers. See How to Put Together a Winning Pitch? for more on business plans.
• Set realistic financial projections – How much money did your company earn last year? What are your goals for the next three years based on that number? Be ambitious but conservative with your projected revenue goals and show growth the next three years (even if that might not happen in the future).
• Take inventory of your business expenses – When was the last time you used that graphic design platform, or should you switch from a monthly subscription to an annual one? Think of ways to save time and money. We often forget about recurring subscriptions. The start of the year is the perfect opportunity to evaluate the ROI on those platforms.
• Verify contact information – A new year is a perfect time to check in with your network. Where do you source your ingredients? Are you utilizing a co-packer? Are there investors in your business? Reach out and ensure you have the appropriate person’s mailing address, e-mail, and phone number.
• Audit your digital presence – Check your social media platforms. Are the logos up-to-date? What about your website? Ensure all the information (prices, personnel, media mentions, etc.) is accurate and links are working correctly.
• Review our blog post “Conduct a Business Health Check-Up.” – This article provides additional suggestions on aspects of a business that might need a tune-up.
• Manifest your end of the year accomplishments – Picture yourself at the end of the year. Where do you want your business to be? What would you consider a successful 12 months? According to a study conducted by Dr. Gail Matthews, people are 42 percent more likely to achieve their goals when they are written down. Record your intentions and post them where they’ll be visible to you. Throughout the year, take a few seconds and review those goals. Are you getting closer?

Conclusion: The new year is a natural reset, but entrepreneurs should adequately move on from the past before moving forward. The above checklist will provide a solid foundation to ensure a prosperous new year. The pages are blank – what story will you write?